Another Iranian oil tanker has been the subject of subterfuge. The tanker, owned by the National Iranian Oil Company was attacked by 2 missiles which resulted in oil spilling into the Red Sea. This follows a former hijacking of an Iranian oil tanker by the UK in July. Iran said it seized an oil tanker carrying 700,000 litres of oil in August. It is not reported who’s oil. There are details of other seizures over the past month. Sanctions are prohibiting Iranian oil networks. The US navy are said to be surveying the area.
Reportedly, companies fear breaking US sanctions by trading with Iran and Venezuela because, according to legislation this can result in the freezing of all their assets. Last month the US sanctioned COSCO for transporting Iranian oil; and a recent order prohibiting Venezuela from trading has resulted in Abode cutting off services until such a time as sanctions are lifted.
Reliance oil, founded in 2004 is planning to begin loading Venezuelan oil this month in spite of sanctions. The company is described on the internet as India’s richest company and has over 8 billion shares for sale.
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